Detroit’s mayor sees other cities facing bankruptcy
No calls for federal bailout as city grapples with $19B debt
By Valerie Richardson
The Washington Times
Sunday, July 21, 2013
Detroit Mayor Dave Bing warned Sunday that his may be the first major city to declare bankruptcy, but that it won’t be the last.
“We’re not the only city that’s going to struggle through what we’re going through,” said Mr. Bing on ABC’s “This Week.” “There are over 100 major urban cities that are having the same problems we’re having. We may be one of the first. We are the largest, but we absolutely will not be the last.”
Mr. Bing, along with Michigan Gov. Rick Snyder and Detroit emergency manager Kevyn Orr, made the rounds of the Sunday talk shows to discuss Thursday’s bankruptcy filing, which came with the city confronting an estimated $19 billion long-term debt burden.
Nobody called for a federal bailout, although they did leave the door open to the possibility. Asked about the possibility of a bailout, Mr. Bing said, “Not yet. You know, I know the president has a lot on his plate.”
Mr. Snyder, appearing on CBS‘ “Face the Nation,” said he approved the decision by Mr. Orr to file for bankruptcy protection, adding “this was a very difficult decision, but it’s the right one.”